Electronic Merchant Systems (EMS), a company based in Cleveland, Ohio, posted a blog post that explains how to write a business plan for those who are considering becoming retail store owners. This article is one of a four part series on how to build a retail store from scratch. This particular article focuses on writing a business plan for establishing a retail store. It is emphasized that the basis of a successful business is the business plan.
Bill Felberg, Vice President of Sales at EMS, says, “There are many reasons why writing a business plan is essential. Five of the most important reasons are: using the business plan to educate investors; motivation of employees and business partners; setting realistic and achievable goals; establishment of a timetable; and the ability to stay organized as the business plan serves as a point of reference as the business progresses. A good business plan will guide you through every step of your business.
A business plan has several parts. It is the summary, the presentation of the company, the market analysis, the products and services, the marketing plan, the logistic and operational plan and the financial plan. The executive summary offers a concise and informative description of what the company will do, where it is now, projections for the next three to five years, and why it is expected to be successful.
The Company Overview provides a high level explanation of the company. This section of the business plan will describe the structure of the business; what will be sold; industry and competition; the mission, vision and values that the company will defend; company history; short and long term business goals; and the composition of the team, especially key employees and their salaries.
The market analysis section provides information regarding the market research of the products or services that the company plans to sell. This will include the size of the potential market, the ideal client profile, as well as the trends and trajectory of the particular industry. This section may also include a SWOT analysis (strengths, weaknesses, opportunities and threats).
In the products and services section, it is a good idea to provide an analysis of competitors or those who sell similar products and services. And this section should also explain how the company will be able to differentiate itself from competing companies. It should also include detailed descriptions of the targeted customers.
The marketing plan section will probably be the most important section of the business plan for investors. It will be focused on the ideal customer and who the company will attract them to by price, the characteristics of the products or services, how to present them to customers and the location where the company will sell the products or services.
The Logistics and Operations section provides details on how the business operates, including sourcing raw materials and tracking inventory.
And finally, the financial plan, which is one of the critical elements of the business plan, especially for investors. This will include an income statement, balance sheet and cash flow statement.
Founded in 1988, Electronic Merchant Systems has grown into a leading provider of payment processing services. They have played an important role in helping businesses meet their payment processing needs and secure various types of electronic payment processes, such as all credit cards, stored value cards, EBTs, electronic check services and major debit cards. They always provide 24/7 customer support. And by now, they’ve already provided assistance to tens of thousands of startups, retailers, and internet businesses in various locations across the United States. Today, around 95% of EMS customers have been able to achieve significant savings through a price revision. EMS has 11 regional sales offices in various locations across the United States. EMS has been a payment service provider for over 30 years. And over 100 cities in the United States have EMS presence.
Those interested in learning more about business planning for setting up a retail store can visit the Electronic Merchant Systems website at https://www.emscorporate.com/news/how-to-build-your-retail-store-from-the-ground-up, or contact them by phone or e-mail.
For more information on Electronic Merchant Systems, contact the company here:
Electronic Merchant Systems
250 W Huron Road # 400
Cleveland, OH 44113